Valley National Bancorp (NASDAQ:VLY) PT Raised to $10.00 at Morgan Stanley

Valley National Bancorp (NASDAQ:VLY) had its price target increased by investment analysts at Morgan Stanley from $9.50 to $10.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 14.94% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. reduced their target price on Valley National Bancorp from $8.50 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada upped their target price on shares of Valley National Bancorp from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Barclays cut their price target on shares of Valley National Bancorp from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. StockNews.com lowered Valley National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Finally, Keefe, Bruyette & Woods raised their target price on Valley National Bancorp from $8.00 to $8.50 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Valley National Bancorp presently has a consensus rating of “Hold” and an average target price of $8.63.

Valley National Bancorp Stock Performance

NASDAQ VLY opened at $8.70 on Monday. The company’s fifty day moving average is $8.38 and its two-hundred day moving average is $7.72. Valley National Bancorp has a 52-week low of $6.47 and a 52-week high of $11.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 10.24 and a beta of 1.08.

Valley National Bancorp (NASDAQ:VLY) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). Valley National Bancorp had a net margin of 10.79% and a return on equity of 6.53%. The firm had revenue of $884.68 million for the quarter, compared to the consensus estimate of $458.67 million. During the same quarter in the prior year, the firm earned $0.28 earnings per share. Equities research analysts forecast that Valley National Bancorp will post 0.7 EPS for the current year.

Hedge Funds Weigh In On Valley National Bancorp

A number of institutional investors have recently modified their holdings of VLY. BNP Paribas Financial Markets boosted its holdings in Valley National Bancorp by 378.4% in the first quarter. BNP Paribas Financial Markets now owns 612,314 shares of the company’s stock valued at $4,874,000 after acquiring an additional 484,332 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Valley National Bancorp during the 1st quarter worth approximately $1,021,000. State Board of Administration of Florida Retirement System raised its stake in shares of Valley National Bancorp by 74.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 248,318 shares of the company’s stock worth $1,977,000 after buying an additional 106,290 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of Valley National Bancorp by 2.4% during the first quarter. State of Michigan Retirement System now owns 104,781 shares of the company’s stock worth $834,000 after buying an additional 2,500 shares during the last quarter. Finally, Cornerstone Wealth Group LLC acquired a new position in Valley National Bancorp in the first quarter valued at approximately $504,000. 61.00% of the stock is owned by institutional investors.

Valley National Bancorp Company Profile

Valley National Bancorp operates as the holding company for Valley National Bank that provides various commercial, private banking, retail, insurance, and wealth management financial services products. It operates through Consumer Banking, Commercial Banking, and Treasury and Corporate other segments.